Organizations, such as those that produce, buy, sell, and/or lease products, may desire to forecast information concerning a product. For example, an organization that manufactures one or more products may desire to accurately forecast the demand for the product, the organization's production schedule for the product, and/or a supplier's delivery schedule for subcomponents of the product. Moreover, organizations may desire to have up-to-date and accurate forecast information. Thus, some organizations may desire to update forecast information on a periodic basis, such as daily, weekly, monthly, etc. However, constantly updating forecast information when it is not necessarily required may needlessly occupy computing resources and may cause problems with the suppliers, customers, and/or investors of an organization that continuously changes its forecast.
U.S. Pat. No. 7,213,007 (the '007 patent) to Grichnik is directed to forecasting characteristics of a product using a genetic algorithm. In particular, the '007 patent discloses implementing a genetic algorithm to produce equations that model forecast information for a product. The genetic algorithm may determine data values for the equations so as to minimize a statistical error between historical data and data calculated by the equations. While the '007 patent may help to generate statistically accurate forecasts, the system of the '007 patent does not determine how often and when the forecasts may be updated.
The disclosed methods and systems are directed to solving one or more of the problems set forth above and/or other problems of the prior art.